U.S.-listed Chinese sports lottery firm 500.com (NYSE: WBAI) is set to acquire another batch of bitcoin mining machines after it announced a pivot to the cryptocurrency space in January.
- Under a wider a framework agreement, the company has agreed in principle to purchase up to 10,000 bitcoin mining machines in 2021, subject to availability.
- Under the deal, 500.com is required to pay a performance bond of 2,000 yuan ($309) per machine for the first 5,000 machines, or 10 million yuan (roughly $1.5 million) in total.
- If all 15,900 bitcoin mining machines are delivered, the firm's total hash rate is expected to increased by 1,000 petahashes per second.
- 500.com first announced on Jan. 11 that it planned to mine bitcoin, saying it would acquire devices worth $14.4 million in an all-equity deal.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.